Nuvation Bio (NYSE:NUVB) Stock Price Up 9.9% - Here's Why

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares were up 9.9% during mid-day trading on Friday . The stock traded as high as $2.47 and last traded at $2.50. Approximately 1,168,558 shares traded hands during trading, a decline of 58% from the average daily volume of 2,753,086 shares. The stock had previously closed at $2.27.

Analysts Set New Price Targets

NUVB has been the subject of several analyst reports. Jones Trading initiated coverage on shares of Nuvation Bio in a report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 target price for the company. Citizens Jmp assumed coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price objective for the company. JMP Securities began coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set a "market outperform" rating and a $6.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, March 27th. Finally, HC Wainwright cut their price objective on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $7.83.

Nuvation Bio Stock Performance

The stock has a market cap of $687.52 million, a P/E ratio of -0.94 and a beta of 1.42. The stock has a fifty day simple moving average of $1.97 and a 200-day simple moving average of $2.36.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. On average, research analysts anticipate that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Insider Buying and Selling at Nuvation Bio

In other news, CEO David Hung purchased 300,000 shares of the business's stock in a transaction on Monday, April 7th. The stock was purchased at an average cost of $1.62 per share, with a total value of $486,000.00. Following the acquisition, the chief executive officer now directly owns 58,781,054 shares in the company, valued at approximately $95,225,307.48. This trade represents a 0.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $2.50, for a total value of $50,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares of the company's stock, valued at approximately $30,000. This trade represents a 62.50 % decrease in their position. The disclosure for this sale can be found here. 29.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Nuvation Bio by 54.9% during the 4th quarter. FMR LLC now owns 45,285,572 shares of the company's stock worth $120,460,000 after buying an additional 16,046,701 shares during the period. Vanguard Group Inc. lifted its position in Nuvation Bio by 45.4% during the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company's stock valued at $41,849,000 after purchasing an additional 4,913,820 shares during the last quarter. Geode Capital Management LLC grew its position in Nuvation Bio by 22.9% during the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock worth $13,174,000 after purchasing an additional 922,503 shares during the last quarter. MPM Bioimpact LLC acquired a new position in shares of Nuvation Bio in the 4th quarter worth approximately $11,077,000. Finally, Millennium Management LLC grew its position in Nuvation Bio by 82.7% during the 4th quarter. Millennium Management LLC now owns 2,475,872 shares of the company's stock worth $6,586,000 after purchasing an additional 1,120,874 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

About Nuvation Bio

Nuvation Bio Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that address advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform which leverages a novel therapeutic approach within the drug-conjugate class of anti-cancer therapies to deliver anti-cancer therapeutics to cancer cells, as well as NUV-1176, a PARP inhibitor to address ER+ breast and ovarian cancer.